On February 10, 2018, Ace Corporation, a new calendar year corporation, elected S corporation status and all shareholders consented to the election There was no change in its shareholders during the current year Ace met all eligibility requirements for an S corporation during the preelection portion of the year What is the earliest date on which Ace can be recognized as an S corporation February 10, 2018 January 1, 2019 February 10, 2019 January 1, 2018 In March of 2017 Frederick acquired an passenger automobile for $45,000 and used the automobile 85 for business The maximum depreciation deduction for 2017 is $3,160 $11,160 $8,928 $9,486 In August of 2017, Joseph acquires and places into services business equipment costing $300,000 The equipment is classified as 5 year recovery property No other acquisitions are made during the year Joseph elects to expense the maximum amount under Sec 179 Josephs total deductions for the year are $60,000 $500,000 $100,000 $300,000 For the current tax year, VBN, an S Corporation distributes $100,000 to its sole shareholder, Raymond His basis in the stock was $140,000 before the distribution VBN had once been a regular C Corporation and had remaining accumulated earnings and profits (E P) from those years of $70,000 However, VBN has no balance in its accumulated adjustment account How should the distribution of $100,000 be handled $100,000 as a taxable distribution $70,000 as a taxable dividend, and $30,000 has a non taxable return of capital $50,000 as a taxable dividend, and $100,000 as a non taxable return of capital $70,000 as a taxable dividend and $30,000 as a capital gain Stahl, an individual who owns 100 of Talon, an S corporation, had a basis of $50,000 at the first of the year During the year Talon reported the following Ordinary Loss of $10,000 Municipal interest income of $8,000, Long term capital gain of $4,000 and Long term capital loss of $9,000 What was Stahl's basis in Talon at year end $56,000 $65,000 $53,000 $43,000

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On February 10, 2018, Ace Corporation, a new calendar year corporation, elected S corporation status and all shareholders consented to the election. There was no

On February 10, 2018, Ace Corporation, a new calendar year corporation, elected S corporation status and all shareholders consented to the election. There was no change in its shareholders during the current year. Ace met all eligibility requirements for an S corporation during the preelection portion of the year. What is the earliest date on which Ace can be recognized as an S corporation?

		February 10, 2018
		January 1, 2019
		February 10, 2019
		January 1, 2018

In March of 2017 Frederick acquired an passenger automobile for $45,000 and used the automobile 85% for business. The maximum depreciation deduction for 2017 is:

		$3,160
		$11,160
		$8,928
		$9,486

In August of 2017, Joseph acquires and places into services business equipment costing $300,000. The equipment is classified as 5-year recovery property. No other acquisitions are made during the year. Joseph elects to expense the maximum amount under Sec. 179. Josephs total deductions for the year are:

		$60,000
		$500,000
		$100,000
		$300,000

For the current tax year, VBN, an S Corporation distributes $100,000 to its sole shareholder, Raymond. His basis in the stock was $140,000 before the distribution. VBN had once been a regular C Corporation and had remaining accumulated earnings and profits (E&P) from those years of $70,000. However, VBN has no balance in its accumulated adjustment account. How should the distribution of $100,000 be handled?

$100,000 as a taxable distribution

$70,000 as a taxable dividend, and $30,000 has a non taxable return of capital

$50,000 as a taxable dividend, and $100,000 as a non taxable return of capital

$70,000 as a taxable dividend; and $30,000 as a capital gain

Stahl, an individual who owns 100% of Talon, an S corporation, had a basis of $50,000 at the first of the year. During the year Talon reported the following: Ordinary Loss of $10,000; Municipal interest income of $8,000, Long term capital gain of $4,000; and Long term capital loss of $9,000. What was Stahl's basis in Talon at year end?